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up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is for christmas. this starbucks card will set you back $450. the card itself costs $50, then the card itself is $450 for the gift card. you cannot buy them at the store coming have to give them from gil.com. >> of i spent $450, it will be almost a full pair of christian louis vuitton shoes. i'm not sure they are seen holding this card. >> a person is going to say my gold card -- what happens if you violate 10 cups of coffee, do you get a gold card membership? >> the highest profit margin will be on the copy. how much is that slipups stai
up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is...
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two wars and bush tax cuts. melissa: we afree on that. >> bush tax cuts. melissa: we have spent way too much. this plan doesn't basically reform entitlement spending. we don't get our spending, with any of these three plans. even going over the cliff we don't get the spending in order. i will give you the last word. then we go on. >> the issue with the republicans they're losing this. they're losing the argument, the debate, they're losing everything. what we need to do is, to respond to the question, what do we do now in three weeks? let's go ahead and give 98% of the american people a tax cut. none of us are ignoring the viability and importance of looking at entitlement reform as it relates to savings, getting rid of waste fraud and abuse and other aspects. i will not tolerate increase in eligibility or raising the age but what republicans are doing is, they are putting the issue on taxes and they're not telling the american people that the enlightment reform and tax reform is an issue or issues that can be discussed in 2013 in deliberative manner liste
two wars and bush tax cuts. melissa: we afree on that. >> bush tax cuts. melissa: we have spent way too much. this plan doesn't basically reform entitlement spending. we don't get our spending, with any of these three plans. even going over the cliff we don't get the spending in order. i will give you the last word. then we go on. >> the issue with the republicans they're losing this. they're losing the argument, the debate, they're losing everything. what we need to do is, to...
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Nov 29, 2012
11/12
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liz: who pays zero income tax? who got away with paying zero income tax? i like to know how you do that. >> 1500 millionaire families paid no federal income tax in 2009. and if you can't figure out a way to capture their fair share, then how else are you going to fix the problems in our tax code? if you can't do this --. liz: i'll tell you. you close all the loopholes. you make one rate or three rates for everyone. make it very simple. so that is, that is a loophole problem. that is not a marginal rate problem. that is not a go attack wealthy people problem and discourage entrepreneurship and discourage people from trying to make money and get ahead and be successful. >> yeah. liz: when you have somebody like warren buffett out there doing this, it is about attacking wealthy people. i just don't think that is what america is about. >> warren buffett himself, among the wealthiest there is so i don't think you can accuse him of class warfare. it is not just about loopholes, melissa. liz: i think i absolutely can. he is mouthpiece for the white house. he come
liz: who pays zero income tax? who got away with paying zero income tax? i like to know how you do that. >> 1500 millionaire families paid no federal income tax in 2009. and if you can't figure out a way to capture their fair share, then how else are you going to fix the problems in our tax code? if you can't do this --. liz: i'll tell you. you close all the loopholes. you make one rate or three rates for everyone. make it very simple. so that is, that is a loophole problem. that is not a...
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basically i pay taxes. you pay taxes. melissa: ex on pays taxes? >> exxon does not pay their fair share. they get tax breaks written to the law by highly paid lobbyists and supported by many congresspeople who they give millions of dollars too every year in election campaigns. melissa: but you still said tax breaks. that is their money that they're hanging on to. it is not money they're getting back from congress. it is their money!. >> it is money that everyone else has to pay. you know, they get special tax break for, for instance if they want to make a project internationally, they have a special government-backed loan program at the u.s. export-import bank. last year that program alone provided $10.4 billion in fossil fuels. melissa: can i ask you would be be better like my children and wont out like the navy and spent $26 a gallon on biofuels or like the air force which is spending $59 a gallon. would that be better for my children if we were all doing that? i don't like the navy and air force doing that. i think that is bad for my children's
basically i pay taxes. you pay taxes. melissa: ex on pays taxes? >> exxon does not pay their fair share. they get tax breaks written to the law by highly paid lobbyists and supported by many congresspeople who they give millions of dollars too every year in election campaigns. melissa: but you still said tax breaks. that is their money that they're hanging on to. it is not money they're getting back from congress. it is their money!. >> it is money that everyone else has to pay. you...
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here iwhat i want in tax increases. by the way i will increase in ending on infrastructure just to show starting from a point where he believes he has real strength and will stick it to the other side. what do you think of the counterproposal from republicans. is it strong or looking weaker? >> with any negotiation with the president's side t especially a few weeks ago, maybe you come out and shoot for the top, knowing you may not meet in the middle. i don't know if they will meet and splithe baby. melissa: right. >> do i think you always know at eventually you will have to rear back a little bit towards the middle. melissa: yeah. >> as far as the republicans counter, i think they're trying to at least in certain, especially with government. there is always posturing, right? melissa: right. >> partly it is posturing hey, we're willing to talk. here's what we're thinking to at least try to jump-start this as the clock continues to kick. melissa: when you look at the nuances what is going on in the media, yesterday everyb
here iwhat i want in tax increases. by the way i will increase in ending on infrastructure just to show starting from a point where he believes he has real strength and will stick it to the other side. what do you think of the counterproposal from republicans. is it strong or looking weaker? >> with any negotiation with the president's side t especially a few weeks ago, maybe you come out and shoot for the top, knowing you may not meet in the middle. i don't know if they will meet and...
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that comes through smart tax policy, not dumb tax policy. melissa: but they always say, if you don't, the wealthy won't miss it. they will just pay a little bit more. it is fair their share. it wil help close the gap. how do you respond to that? >> all of that money is locked up into productive activity whether in a business or the stock market or somewhere else so the more that you tax that income, at means there's less investment, there's less for the business. there is less for hiring. it has to come from somewhere. it is not a costless exercise and ultimately that trickles down to workers through lower productivity and lower wages. that is bad forverydy. that means lower standards of living for everybody. melissa: bob, is there mon difference between money in the hands of the government and money in the hands of the private sector. >> certainly the private sector is better productively. melissa: how do you know that? >> how do i know that? you see that in economies where private sector activity do more productive over time than economies
that comes through smart tax policy, not dumb tax policy. melissa: but they always say, if you don't, the wealthy won't miss it. they will just pay a little bit more. it is fair their share. it wil help close the gap. how do you respond to that? >> all of that money is locked up into productive activity whether in a business or the stock market or somewhere else so the more that you tax that income, at means there's less investment, there's less for the business. there is less for hiring....
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Nov 29, 2012
11/12
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raising more taxes? people are fleeing this city as it is. >> what happened to vallejo, the first california city to go bankrupt in 2008. they actuall did raise taxes. along with that, they told citizens they could decide where the taxes went. so you may see a similar situation in places like san bernardino. tell you, melissa. it will not be the last one. pensions for local government are only 50% funded at this point. you have the situation going on across the state. melissa: you have the situation going on where there are just these liabilities there is no way to pay down the line, right, aaron? isn't that the real problem? >> well the problem is, the local governments, state government has been making promises they can't keep. really not fault of employees or frankly labor unions who will ask all they can get. it is fault of politicians who make the promises without setting aside money to pay for them. state level and municipalities we're paying more a mor money to pensions and retiree health care ben
raising more taxes? people are fleeing this city as it is. >> what happened to vallejo, the first california city to go bankrupt in 2008. they actuall did raise taxes. along with that, they told citizens they could decide where the taxes went. so you may see a similar situation in places like san bernardino. tell you, melissa. it will not be the last one. pensions for local government are only 50% funded at this point. you have the situation going on across the state. melissa: you have...
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but from the tax code in 1913 only 14 pages we have warped into the 702000 page nster. more than 1,000 different forms to download. nobody understands. h&r block loves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the welfare state. people say take care of people. unintended consequence? >> you heard those most vulnerable. the welfare state is like flypaper. there are shocking figures showing as the income rises to live the american dream, you start to get taxed on one end the government takes away benefits on the other end those who lose a living standard with $10,000 more in salaries. >> they play more in taxes and lose government benefits. >> earned income credit, of welfare benefits, medicaid, food stamps, housing assistance, you're on a treadmill. you are running harder and it goes backwards. think of the mmssage that since. they think i will not work as hard or get disability. john: in pennsylvania with $29,000 of income you are better to stay there than earning
but from the tax code in 1913 only 14 pages we have warped into the 702000 page nster. more than 1,000 different forms to download. nobody understands. h&r block loves it but it is a news around the neck of the american economy. every page has something in it that sounds good but look what it adds up to 27 spending. the welfare state. people say take care of people. unintended consequence? >> you heard those most vulnerable. the welfare state is like flypaper. there are shocking...
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the number one thing to understand already even if all the tax cuts were made permanent, tax revenues projected to grow by 6.2% a year. so what they're really debating about how much should it grow even faster than that in order to enable bigger government. 100% of our fiscal problem is on the spending side. obama is being very inflexible on that. republicans i'm afraid will get taken to the cleaners just what happened in 1990 when read my lips. melissa: would you rather we went over the fiscal cliff? >> compared to what obama's talking about, the fiscal cliff might be better because obama not only wants soak the rich tax increases that would automatically happen, he then wants additional taxes on top of that would be very bad for american competitiveness. we don't want to send jobs to china and india but almost as if obama wants to do that. at least if we went over the cliff, we would get the sequester, which is the budget wonk term for automatic reductions in the growth of spending. melissa: absolutely but i'm not sure republicans are giving in as much as you think. if you drill dow
the number one thing to understand already even if all the tax cuts were made permanent, tax revenues projected to grow by 6.2% a year. so what they're really debating about how much should it grow even faster than that in order to enable bigger government. 100% of our fiscal problem is on the spending side. obama is being very inflexible on that. republicans i'm afraid will get taken to the cleaners just what happened in 1990 when read my lips. melissa: would you rather we went over the fiscal...
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they know their taxes are going up. they know regulatory expenses are going up and they know if they do make money that will be taxed at a higher rate. a lot of employers are shrugging their shoulders and saying why take the risk. melissa: peter do you agree with that. >> yeah. it is the barack obama effect. only 150,000 a month the man is obsessed what did he say last week campaign, voting is the best revenge. now he is about to take it out on the one or 2%. that is all his focus. he is going around the country, hurricane sandy, rebuilding needs to be done. he is not paying attention to that and certainly not paying attention to jobs creation. instead he is on this vendetta. melissa: ian, at the same time you see companies out there, they're doing what they need to do. we saw ibm for example saying that when it comes to their 401(kk, instead of contributing every other pay period the way they have before they will wait until the very end of the year and do their matching then. almost an accounting trick. not really a t
they know their taxes are going up. they know regulatory expenses are going up and they know if they do make money that will be taxed at a higher rate. a lot of employers are shrugging their shoulders and saying why take the risk. melissa: peter do you agree with that. >> yeah. it is the barack obama effect. only 150,000 a month the man is obsessed what did he say last week campaign, voting is the best revenge. now he is about to take it out on the one or 2%. that is all his focus. he is...
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Nov 30, 2012
11/12
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john: you wann a tax on junk food. >> the carbohydrate product that is in the market. we are giving the consumer is the choice to a choose whathey want to consent. john: good food would cost less. degree food would cost more. >> that is totally correct. john: orange juice and apple seized on food? >> well, i don't believe they are. john: more sugar tha coke and pepsi. >> well, we will cross that bridge when we get here, but i will tell you this much. i like my apples and oranges. john: you also helped get to these calorie counts posted at fast food places. >> that is correct. john: go into mcdonald's. no, this merely calories command that helps people. >> we have monies, they make their choices based on what they see. we have managed now to see a wonderful numbr of decrease in people suffering from obesi and diabetes. john: decreasing. >> moving in that direction. to mcdonald's and burger king and others are more responsible. john: a real study has been done on this. you can say, it doesn't cost that much to put up a little entellus with a caloe count is. and why you d
john: you wann a tax on junk food. >> the carbohydrate product that is in the market. we are giving the consumer is the choice to a choose whathey want to consent. john: good food would cost less. degree food would cost more. >> that is totally correct. john: orange juice and apple seized on food? >> well, i don't believe they are. john: more sugar tha coke and pepsi. >> well, we will cross that bridge when we get here, but i will tell you this much. i like my apples and...